In December 2017, Statoil submitted the PDO for the Johan Castberg development in the Barents Sea. With a capital expenditure of 49 billion NOK (6,3 billion USD) this will be one of the global megaprojects in oil and gas, targeting resources between 450 and 600 million barrels. The Castberg-project - a partnership between Statoil (50%), Eni (30%) and Petero (20%) -hasn't been easy to realize. Initially the project wasn't economically viable. At first, Statoil expected capital investments of around 100 billion NOK in the project, a CAPEX which would require a barrel price of at least 80 USD to make it commercially viable. After changing the concept and finding new solutions, Statoil has been able to cut investments in half. "We have been working hard with our suppliers and partners to realize the development", according to Margaret 0vrum, vice president for Technology, Projects and Drilling said. "Today we are delivering a solid PDO for a field with halved capital expenditures and which will profitable at oil prices of less than 35 USD per barrel."
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